中国上市公司管理层收购（MBO）实证研究

【作者】 孙婧；

【导师】 李延喜；

【作者基本信息】 大连理工大学 ， 工商管理， 2004， 硕士

【摘要】 管理层收购(Management Buy-out，MBO)是目标公司的管理层通过杠杆融资完成对目标公司的收购。MBO在国外已开展二十多年，显示出强大的生命力。它实现了所有权和经营权的集中，从而降低代理成本、激励和约束管理层。 近年来，MBO在中国的发展很快，MBO的案例在我国出现的也越来越频繁，显示了它强大的生命力。而作为我国企业代表的上市公司，在MBO的大潮中也不甘落后。从1999年的首家上市公司MBO开始到2003年，已经有十多家上市公司公开披露实施了MBO，还有越来越多的企业正在着手或准备实施MBO。 在我国，MBO除了激励和约束管理层以外，还带有国有资产退出、明晰产权的目的，有着深远的现实意义。在我国市场经济不成熟、相关法律法规不健全的条件下，如何开展MBO是当前急需解决的问题。因此，研究我国企业的MBO问题，就显得很有现实意义了。出于研究对象的代表性和资料的可取性的考虑，本文选取了几家实行了MBO的上市公司进行实证分析，目的就是通过对大量的数据和资料的统计和处理，找出我国上市公司在MBO中存在的问题，并提出相应的对策建议。本文主要分为引言、上市公司管理层收购的现状、上市公司管理层收购的实证分析、结论四个部分。 引言部分简要地介绍了国内外上市公司管理层收购的发展概况和本文所要研究的问题以及写作的思路。 第二部分共分三节：第一节分析了MBO面临的外部环境；第二节分析了实施MBO的关键环节；第三节总结了国内上市公司实施MBO的不同模式。 第三部分结合相关资料对我国上市公司MBO进行实证分析，笔者发现MBO目前还不是国有资产退出的主要途径，但是MBO对企业经营绩效的影响是积极的，说明MBO起到了对管理层的有效激励；另外，实证研究还发现，MBO对资本市场的是有影响的，损害了其他投资者的利益。 结论部分综合阐述了通过实证研究得出的结论，并就如何完善MBO提出了相应的建议。更多还原

【Abstract】 Management Buy-out(MBO) is the management of target (company) pass through the leveraged financing complete buying out the company. MBO has developed abroad for more than 20 years and shows powerful vitality. It has realized the concentration of ownership and right of administration, so reduces agency cost, motivates and restricts the management.As MBO has developed rapidly in recent years, more and more cases of MBO happened in China. Listed companies, the representative of corporations in China did something in the MBO wave too. From 1999 to the 2003, there were more than 10 listed companies did MBO. More and more enterprises have begun or prepared to begin MBO.In our country, besides motivating and restricting the management, MBO has the purpose of transferring the ownership of the stated-owned assets and clearing the ownership of assets, have very strong realistic meanings. In the market of our country, economy is not mature, the condition of un-sound related legal regulations take off, how to develop MBO are the problems of the current solution of urgent need. So doing some research in this field has practical sense.Considering the representation of research objects and the availableness of data, we choose several listed companies as the research objects. We want to find out the problems that lie in China’s MBO practice and give some suggestions. This thesis is divided into 4 parts.Preface mainly introduces the present situation of the development of MBO in the domestic and international public listed company and the research purpose and method of this thesis.Part 2 is composed of 3 sections: In section 1, we analyses the environment of MBO; section 2 analyses the key procedures of MBO; the last section analyses the different patterns of listed companies.Part 3, which put emphasis on the ability problems of management of MBO. According to the data that appear in reality, the thesis finds MBO can motivate management effectively, but the damage to capital market is obviously .The functionof transferring the ownership of the stated-owned asset hasn’t been come out.The last part focuses on research results and gives some suggestions.更多还原